Bitcoin Soars Above $900 As China Opens

Tyler Durden's picture

For the 3rd night in a row, China opens with a panic bid for Bitcoin. The cryptocurrency is now up over 14% in less than 3 days, topping $900 for the first time since December 2013. Interestingly yuan is not moving much tonight.

The USD price for a Bictoin has soared over 14% in the last 2 days. We first warned of this 'outlet' for Chinese capital in September 2015 when Bitcoin was trading around $200...now it is topping $900...

 

And volume is very heavy once again from China...

 

Getting very close to record highs...

 

As a reminder, back in 2013, the government classified bitcoin as a commodity and not currency, placing it outside the purview of the foreign-exchange regulator, the people said.  That does not mean, however, that China is powerless at limiting bitcoin's upside.

Several Chinese government bodies including the People’s Bank of China and the financial regulators said in a joint notice that year that bitcoin functioned like a digital commodity without the legal status of a currency. The central bank said in January it is studying the prospects of issuing its own digital currency and aims to roll out a product as soon as possible.

While China dominates bitcoin mining and trading, the government has shown caution over its spread in the nation. In 2013, the PBOC barred financial institutions from handling bitcoin transactions.

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turnball the banker's picture
turnball the banker (not verified) Dec 22, 2016 11:06 PM

Go you good thing,OT there was a pacer won at northfeild park today named "pantsuit hilary "made me laugh

Yen Cross's picture

  Well the yaun is at historic lows vs the $usd so there's some decent arbitration there. If BTC keeps climbing gold is going to move even more rapidly higher next year, as fiat currencies lose their luster.

    The $usd is so pathetically overbought and macro funds/central banks need to rebalance.

Prisoners_dilemna's picture

I speculate the majorty of Bitcoins are hoarded, thereby reducing supply. I'll probably liquidate a coin or two once they hit 1trillion/per

 

Gold would behave this way if...

 

#BitcoinMania

Yen Cross's picture

  I'm sure there's plenty of PAPER BTC schemes out there. Comex just hasn't monetized them yet.

 Be sure and keep your interwebs running. Your Bit Chits are worth NOTHING without electricity.

Save_America1st's picture

they have paper btc wallets now outside of the interwebs and still just as easily liquid and spendable just the same.   

evolution, bitchez 

go getchewsum ;-) 

Yen Cross's picture

  I'll be sure and sell my four new Perth Mint gold bars for some Bit Chits.

 

 In case you haven't noticed???  Gold is trading at a huge premium in India and China.

 You just can't have a real conversation with BIT COiners.  Why do you assclowns think large bnks are so reluctant to use block chain strategies.

 I have hundreds of articles pertaining to BTC stored on my computer. BTC is flawed and No _one knows who Satoshi is~ Bitchez.

  Keep playing your "fagboy" Call of SJW/ BLM, on your X- Boxes. 

mrees999's picture

In case you hadn't noticed bitcoin is trading at a premium in India and China. 20% higher is common.

https://www.cryptocoinsnews.com/india-bitcoin-premium-reaches-20/

 

crazytechnician's picture

Your the fucking fagboy for not buying btc at 1 dollar. Your were scratching your balls calling it a Ponzi at 10 dollar then 100 dollar. My advice , snowflake , is to crawl back down into your safe space where bitcoin does not exists and scoff down another can of your favourite prepper food before it hit's it's use by date. Then you can look into investing into some of these new horse and steam engine businesses that are popping up everywhere.

Big Whoop's picture

BTC is trading at over a 15% premium in China tonight.

dietrolldietroll's picture

Just 1% of the Forex market would be $100,000 USD/BTC.

Yen Cross's picture

  You need to lay off the mushrooms. The F/X market excluding hedged positions, [large importers/exporters] is almost seven trillion $usd PER DAY!

  Yes!!! You heard that right, and it excludes hedged positions from macro.

Bunga Bunga's picture

Or just 20% ofthe overall gold. Or just 10% of the negativ yielding debt.

pndr4495's picture

How do I recognize my Bitcoin from any & every other Bitcoin, or what makes an individual Bitcoin unique? Can anyone on here answer this question?

Yen Cross's picture

   It's the one[s] that says Sandisk on your 4g usb stick.

stacking12321's picture

How do you recognize your car?
Because it's your key that starts it.

pndr4495's picture

The car I parked in Project Investors Inc dba Cryptsy was stolen. I am thankful that it was a digital 1965 broken down VW bug instead of a shiny new digital Rolls. Someone had a universal key I suppose. The bet was small, but purveyors of blockchain technology seem to be unable to answer the question I posed, or they just do not want to answer it.

Prisoners_dilemna's picture

Similar to gold if you dont hold it you dont own it.

We should never leave our coins on an exchange (think Mtgox and Cryptsy among numerous others).

Always sweep your coins into a wallet you control.

Websites can be hacked and bitcoins drained.

Humans are notoriously bad at picking passwords and most people dont use 2FA.

Theres always the risk of an insider pulling a long con.

 

Like gold... if you dont possess your coins you dont own them.

Counterparty risk.

I am sorry for your loss.

 

You had an account with Cryptsy and they failed in their responsibility to store/safe-guard/steward your funds.

Very similar to bank deposits.

 

All that said plenty of people have lost their own coins thru their own mis-handling.

It's like burying your gold then forgetting where you buried it.

 

There is a learning curve with BTC. Start small or find someone to train you.

Read, read more, and then read more.

Zorrohodge's picture

Or use bitsquare the first decentralised exchange (doesn't hold your coins)

mrees999's picture

trezor hardware wallet

http://bitcointrezor.com/

 

 

Keepkey hardware wallet

https://www.keepkey.com/

 

Ledger Hardware wallet.

https://www.ledgerwallet.com/

 

 

 

mrees999's picture

If you don't hold it you don't own it.

 

If you don't have the private key to your digital token - you don't own it.

 

Simple.  You lent your money to an exchange. They didn't protect the private key on the digital tokens you had lent them.  

Moral of the story?  Hold you own currencies in your own wallet of control where you...and only you... have the private key to spend them.

 

Simple enough?

 

Pseudonymous's picture

What you did was not just parking your car - you (and the other customers) drove the car to Cryptsy's property and agreed that this is now Cryptsy's car, for them to do with it whatever they please, in exchange for a promise for an equivalent car. Was it not so? They took over the car, drove it into a black box, did their thing and ultimately didn't keep their promise.

Bitcoin is intended to be cash - like banknotes which are all equivalent legally and in the market (technically people can see that your bitcoins are other than my bitcoins, like people could see that your Federal Reserve notes have different serial numbers from mine, and if this is what you were asking about I can explain it).

King Tut's picture
King Tut (not verified) pndr4495 Dec 22, 2016 11:26 PM

Bitcoins are like Snowflake Millenials, all of them are unique- and gay

Draybin Deffercon III's picture
Draybin Deffercon III (not verified) King Tut Dec 23, 2016 12:17 AM

You're a fag. Bitcoin is the hardest shit out there.

flaminratzazz's picture

you have to chisel your name in them.. you get the btc chisel here

www.bitcoinchisel4dumfvks.com

Xena fobe's picture

Deposits and withdrawals to your wallet are assigned tracking numbers.  All transactions which have ever occured are recorded and accessible to all as numbered records.  If you are asking if your activities can be tracked, yes, I believe the intel agencies have that capability.  Don't use a credit card to buy bitcoin because they will charge you higher "cash withdrawal" rates of interest.  You open your wallet account with an email address.  I don't remember if my wallet provider asked for my real name.  I don't think so. 

Prisoners_dilemna's picture

Look up your public address on a block explorer such as blockexplorer.com

Bitcoins are spent outputs which are inputs to the next transaction.

A private key is required to spend the inputs.

 

Bitcoins are pseudoanonymous.

If you buy bitcoins from locabitcoins.com with cash then your coins can not be identified. That is until you spend your coins at overstock.com and attach a shipping address to the spent inputs. Then fed-guv can somehow force overstock to reveal who spent the inputs and overstock might reveal your shiping address. Old fashion police work would find you then.

If you buy from a regulated exchange such as coinbase.com then you are already identified thru IP, KYC/AML, and your public address is associated with those identifiers. You would need to use shapeshift.io or btc-e.com to wash your coins to make them anonymous again.

Bitcoin addresses number in the quindecillions.  Never re-use a public address to receive coins. Best practice is to use a new public address every time you want to receive BTC.

When you go to spend BTC, they can be "combined" thereby defeating your efforts.

Perfect Anonymity with BTC is difficult to achieve.

Save_America1st's picture

who cares?   but btc... open a goldmoney account.   buy phyzz gold with btc profits. 

free phyzz

pretty simple concept

mrees999's picture

Hmmm. Trade a skyrocketing asset that has quadrupled in value of 18 months vs an asset that has remained flat.  Where do I sign???

Sarcasm...

 

Here's a cool video comparing them.

 

https://www.youtube.com/watch?v=eq82bpKbOYQ

 

 

mrees999's picture

Entertaining YouTube video of how bitcoin was created - after 20 years of experts trying to create a digital e-cash.  

 

This could start your trip down the rabbit hole we've discovered.

 

https://www.youtube.com/watch?v=u1nMtTQpsPU

 

mrees999's picture

Well here you go, if you want to get into the technical details. Kahn Academy did a great 10 part educational video on it that explains how it works and why you can't counterfeit it. 

https://www.youtube.com/watch?v=Y-w7SnQWwVA&list=PL73q2zDIiGK_O5OYdK5vxc...

 

Clock Crasher's picture

After we all die of old age (and have long sold our gold to survive (non-farmers)) the gold market will trade a lot more like bitcoin and miners will be considered to be upgraded from pink sheets to legit penny stocks.

Seasmoke's picture

Yes Tyler I do remember that around $200. Wish you were half as good with your call on Gold price !!!

TheytookERjobs's picture

Iota

- No blockchain

- No fees

- No scability problems

- Quantum resistant 

- Multi billion and growing market (IoT)

Spectre's picture

What, we have had two Bitcoin trading floors implode immediately after the founders ran off with the loot.  These won't be isolated cases.  This whole sham is gonna wipe a lot of clowns.

The Old Man's picture

Bullshit. It's still a tradable commodity, stock, bond. Down me if you want. If the SHTF, bitcoin is toast except for a very few people who cash out early. But then they'll be eaten by massive inflation. Hard assets. Remember that. HARD, in your hand, assets. Not just gold, silver and real estate. THINK!

 

The Old Man

mrees999's picture

I won't comment about your ignorance as I'm sure you are old and set in your ways.  We just smile and nod at your type because we know you won't be with us much longer.

 

Say hi to Elvis for us.

 

Yen Cross's picture

  Bitcoins are for worthless basement baby snowflakes that can't afford to purchase an ounce of silver. These basement dwellers trade Pokemon credits for three ounce bags of Doritoes. [ they own nothing of substance]

   Shitcoins are a novelty, and escape mechanism for corrupt Chinese scumbags. Have any of you " Camp Tardicaca" graduates bothered to find out the premium for smuggling BTC in yuan? [visa versa]

mrees999's picture

I wouldn't say worthless.  Here's a link where you can trade one bitcoin for over 57 ounces of silver today.

http://www.jmbullion.com/investing-guide/buying-physical-metals/bitcoin/

Do people actually take your advice???

 

East Indian's picture

Money is of two types:

 

1. Proof of past work

and

2. Promise of future work.

 

Proof of work money is commodity money. It proves that a certain amount of work has been done, and it saves the user that much of work. eg., an oz of gold, a ton of wheat, etc. If you buy an oz of gold, you are saving the time and energy of extracting it yourself.

Here the Bitcoin is an exception. It is certainly a proof of past work - so much computations have been done - or so much electricity has been consumed. But it does not save the user any work.

And it is of limited quantity. Using it as money will lead to a deflationary economy. Its value will go up as the economy expands, and thus will put the borrower into difficulty.

Bitcoin is a good unit of account, it may be a store of value, but it cannot be a successful medium of exchange.

mrees999's picture

It has been an excellent medium of exchange so far. Cryptogrpahic hashes, in a currency that needs no third party. It is digital cash without borders. The first programmable money and the first that works regardless of the banking system.

Each unit is subdivided to 8 decimal places as each requires private ownership of a cryptographic key and can never be counterfeit. Backed by the world most powerful supercomputer currently over 100,000 times more powerful than the top 500 supercomputers in the world combined.

Recorded on an immutable ledger that required 500 megawatts of electricity to make the latest entry that would take the combined hashing power off the entire network to subvert for one 10 minute batch. The laws of physics prevents changing historical record as there isn't enough electricity in the world to unwind transactions more than just a few entries back in the blockchain record. 

It is deflationary thus cannot stand as a single currency for the world - but makes a great currency for digital cash, and the first new currency in 100 years which was not created through debt as is not a "promise to pay". And wasn't issued through anybody's fiat.

It would be wise not to write it off.  Check out bitcoinobituaries.com as see if you want to join that club of 'experts'.

 

 

 

mrees999's picture

Bitcoin is 'proof of work". It currently cost 500 megawatts of electiricty to produce one bitcoin. 

Part of the educational series. This part speaks specifically about the proof of work system in bitcoin.

https://www.khanacademy.org/economics-finance-domain/core-finance/money-...

 

Ms No's picture

I am not selling.  I either make big moolah, loose it all, or think that I am rich and loose access to the money.

I am pretty certain that it will be the first or third option... but if not, you guys are going to feel really stupid for missing this opportunity twice.  ( ;

 

PN7's picture

It's the Chinese that buy this crap.  Chinese are frickkin crazy.  They buy ground-up rhinocerous horns to improve their sex lives.  Well, okay, that stuff works as I found out, but I don't trust this invisible stuff.  Stick with the rhino horns and things like that that make sense.  Chinese are supposed to be smart, but who knows?  OTOH, I bet there ain't too many knee grows that buys bitcoins.

mrees999's picture

Hmm. Only the Chinese?  Perhaps you don't understand the entire bitcoin ecosystem?

 

http://www.visualcapitalist.com/wp-content/uploads/2016/05/bitcoin-ecosy...

 

East Indian's picture

Ground-up rhino horn works? hmmm... 

mrees999's picture

How else would you expect to get 'horny'. ;-)

 

Charming Anarchist's picture

Oh, I get it!
You need a compuuuuuuuuuuter!

Yen Cross's picture

   I might get long shipping containers soon. It's time for the snowflakes to start paying their " fair share".